1.   Australian stocks fell for the first time in six days amid concern shares have risen higher than earnings growth justifies.

2.   Bundesbank President Tietmeyer said slower money supply growth justified the cut.

3.   Faced with mixed economic data after rate cuts drove a rally from April through mid-May, investors began to doubt that corporate earnings growth would justify their recent enthusiasm.

4.   Nasdaq Falls in Technology Slump Shares of large technology companies retreated as investors began to doubt that corporate earnings growth would justify their recent enthusiasm.

5.   The belief that growth will justify any price is still alive.

6.   Yet red-blooded bulls are taking things too far in their belief that this faster productivity growth justifies high share valuations.